2 CashAccounts 1SuppliesInventoryPrepaid In:Prepaid ReOffice EquAccumulatAccounts INotes PayUnearned]Chart of AccountsCommon StockRetained EarningsDividendsFees EarnedSalesCost of Goods SoldDepreciation ExpenseInsurance ExpenseRent ExpenseSupplies ExpenseUtility ExpenseWages ExpenseM4 Engineering began operations in January of 2020. M4 Engineering providesstructural engineering services to local these parks.Listed below are some transaction from the first quarter of 2020.a) On January 1, the owners deposited $200,000 into the business bank account in exchange forCommon Stock.b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. Theowner required the rent for the year be paid in advance. M4 Engineering gave the landlord a checkfor $30,000.c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginningon April 1.d) On January 31, M4 Engineering bought $7,500 of office supplies on account.e) On February 10, M4 Engineering paid the utility bills of $300.f) On February 15, M4 Engineering bought computers and other Office Equipment on account for$20,000.g) On February 28, M4 Engineering received $50,000 advance payment for work that will beginon April 1. ProblemDr.Dr.CashAccounts ReceivableDr.Cr.Dr.SuppliesInventoryCr.Cr.Cr.General Journal0ASSETSPrepaid InsuranceDr.Cr.Prepaid RentDrCr.Office EquipmentDr.Cr.Accum. DepreciationDr.Cr.0T Accounts0LIABILITIESAccounts PayableDr.Cr.Wages PayableDr.Cr.Unearned RevenueDr.Cr.00TBAJESCommon StockDr.Cr.DividendsDr.Cr.AdjTB0Fees EarnedDr.Dr.ISSalesCr.Cr.Cost of Goods SoldDr.Cr.Stmt of SEEQUITYDepreciation Exp.Dr.Cr.0Insurance ExpenseDr.Cr01Rent ExpenseDr.Cr.BSSupplies ExpensDr.Cr.Utility ExpenseDr.CrWages ExpenseCr.Dr.

Name: 2 CashAccounts 1SuppliesInventoryPrepaid In:Prepaid ReOffice EquAccumu
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Description: 2 CashAccounts 1SuppliesInventoryPrepaid In:Prepaid ReOffice EquAccumulatAccounts INotes PayUnearned]Chart of AccountsCommon StockRetained EarningsDividendsFees EarnedSalesCost of Goods SoldDepreciation ExpenseInsurance ExpenseRent ExpenseSupplies Ex

After recording all the journal entries into debit and credit side, these needs to be classified…

Business

Accounting

Problem Dr. Dr. Cash Accounts Receivable Dr. Cr. Dr. Supplies Inventory Cr. Cr. Cr. General Journal 0 ASSETS Prepaid Insurance Dr. Cr. 0 Prepaid Rent Dr. 0 Cr. Office Equipment Dr. Cr. 0 Accum. Depreciation Dr. Cr. T Accounts 0 LIABILITIES Accounts Payable Dr. Cr. Wages Payable Dr. Cr. Unearned Revenue Dr. Cr. 0 0 0

Problem Dr. Dr. Cash Accounts Receivable Dr. Cr. Dr. Supplies Inventory Cr. Cr. Cr. General Journal 0 ASSETS Prepaid Insurance Dr. Cr. 0 Prepaid Rent Dr. 0 Cr. Office Equipment Dr. Cr. 0 Accum. Depreciation Dr. Cr. T Accounts 0 LIABILITIES Accounts Payable Dr. Cr. Wages Payable Dr. Cr. Unearned Revenue Dr. Cr. 0 0 0

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 55PSB: Preparing a Statement of Cash Flows Volusia Company reported the following comparative balance...

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ASSESSMENT -- Multiple Choice Problem The financial statements of PalomerTrading Ltd. are given below: 2018 P 10,470 2019 Cash and Cash Equivalents P 12,250 Receivables 9,065 8,055 Inventory 6,620 5,300 Prepaid Expenses 8,545 10,600 Total Current Assets 36,480 34,425 Other Assets 78,685 P 128,980 P 113,110 92,500 Total Assets Total current liabilities 36,150 42,335 Long-term liabilities 23,990 18,960 Psalm Palomer, Capital 68,840 51,815 Total Liabilities and Equity P 128,980 P 113,110 2019 Net Sales P 104,705 Cost of Goods Sold 32,275 Gross Profit 69,430 Selling Expenses 35,325 Administrative Expenses 12,815 Operating Income 21,290 Interest Expense 1,050 Net Income Р 20,240 Required: Compute for the indicated financial ratios for Palomer Trading financial statements. Choose the correct answer in each of the following. 1. Which statement best describes Palomer Trading's acid-test ratio? a. greater than 1 b. equal to 1 c. less than 1 d. none of the ave 2. Palomer Trading's inventory…
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